OtherPure-PlayPre-Feasibility Study · Stage 4 of 8Reported exploration/channel-sampling results across its non-core Nevada tungsten/base-metal project portfolio, including the newly-staked White Elephant project (tungsten): White Elephant channel sampling returned 95ft @ 0.31% WO3 (shorter intervals up to 0.50% WO3); at the Pilot North project (~15km NW of the flagship Pilot Mountain project), channels returned 95ft @ 0.18% WO3 alongside notable copper and silver values, all from surface skarn mineralisation; non-core portfolio now comprises seven exploration-stage projects prospective for tungsten, gold, silver, copper and lithium, while the company remains focused on advancing its co-flagship Pilot Mountain and Tempiute tungsten projects — Jul 2026Pilot Mountain & Tempiute Tungsten Projects, Nevada, USA Map
Guardian Metal Resources PLC is developing tungsten (WO3) projects in Nevada: the flagship Pilot Mountain project and the earlier-stage Tempiute project (maiden resource pending). The Pilot Mountain Pre-Feasibility Study (published mid-2026) outlines a 4,000 t/d open-pit operation with US$288.7 million initial capex, producing ~1,990 t/y WO3 in concentrate over an initial 8-year mine life (15,916 t WO3 total), for after-tax free cash flow of US$1.058 billion, an after-tax NPV (8% discount) of US$660.3 million and a post-tax IRR of 59.6% at a base-case tungsten price of US$197,300/t WO3, with a one-year capital payback from first commercial production. The company received a US$6.2 million non-dilutive award under US Defense Production Act Title III and raised US$21 million in equity to advance its Nevada tungsten projects, reflecting the strategic-minerals policy backdrop for US-sourced tungsten. For the six months ended 31 Dec 2025, the group reported a loss of US$5.2 million and total assets of US$37.6 million. Oliver Friesen is Chief Executive Officer; Jake Mather was appointed Chief Financial Officer effective 26 Mar 2026.
Notable vs. Peers
Financials score of 2.1/10 is weaker than the peer average of 7/10.
Jurisdiction risk score of 9/10 is meaningfully safer than the peer average of 7.3/10.
Cut-off: 0.04% WO3 cut-off -- applies identically to both the Mineral Resource and the Mineral Reserve at Pilot Mountain (Desert Scheelite + Garnet deposits). Basis: US$115,000/t WO3 price, 75% recovery, 4,000 t/d processing rate, US$3.50/t open-pit mining cost, US$23.00/t processing cost, US$5.17/t processed G&A, 82% payability. Mineral Resource (effective 2026-05-26): Indicated 12,136kt @ 0.178% WO3 (21,600t contained WO3, 9.93 g/t Ag / 3,877koz Ag); Inferred 2,297kt @ 0.150% WO3 (3,400t contained WO3). Mineral Reserve/Probable (effective 2026-06-15): 11,822kt @ 0.171% WO3 (20,275t contained WO3, 9.28 g/t Ag / 3,529koz Ag) -- same 0.040% WO3 cutoff applied.
This company's data hasn't been researched yet
N/A -- pre-feasibility stage, no active mine
8 yrs
Far belowFar above
22 yrs median
All-In Sustaining Cost
@8%$660.3M(at $197,300/t WO3)
Far belowFar above
$642M median
0.67x
Far aboveFar below
0.19x median
This company's data hasn't been researched yet
Not enough peer data yet
$197,300/t WO3
60%Clears Durrett's 25% developer bar
Far belowFar above
26% median
This company's data hasn't been researched yet
This company's data hasn't been researched yet
This company's data hasn't been researched yet
This company's data hasn't been researched yet
This company's data hasn't been researched yet
This company's data hasn't been researched yet
This company's data hasn't been researched yet
Acquisition Susceptibility
7.2/10
Unlikely bolt-onFits the takeout profile
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Smart money
3/10
Goehring & Rozencwajg Resources, a real specialist fund, holds a small stake. Five insiders bought stock on the open market repeatedly through the trailing year with no offsetting selling on record.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Technical Report Takeaways
We haven't parsed this company's PEA/PFS/FS recommendations yet — cut-off grade, mine life, DCF/NPV, and the report's own next-steps guidance are a planned research pass, not live data for every company yet.
